2010 - Jefferson Scholars Foundation

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jefferson scholars foundation 2010 0perational budget The Foundation has proposed an $11.3 million operating budget for fiscal year 2011. This budget reflects an 8% increase of $813,000 over the prior year, an increase required for a full year of the Jefferson Fellows Center financing and operating expenses. Last year, we reduced the number of incoming scholarships to adjust for the endowment decline. Now that our endowment is once again on the rise, we plan to increase the incoming scholarships at a pace we believe the endowment can sustain, with the objective of exceeding 35 incoming scholars annually. This year we took the first steps toward that goal by adding an additional three incoming scholars. The fiscal year 2011 spending plan is allocated approximately 76.9% for direct and indirect programmatic support, 11.6% for administrative expenses, and the remaining 11.5% for fundraising costs. Programmatic support is comprised primarily of the scholarship and fellowship stipends that cover tuition and fees, room and board, books, and living expenses. It also includes the costs of our scholar enrichment and recognition programs as well as the portion of the Jefferson Fellows Center financing and operational expenses dedicated for the programmatic use by the Jefferson Fellows and Scholars. Actual spending during fiscal year 2010 is expected to be approximately $485,000, or 4.7%, below the approved budget of $10.5 million. This spending decrease was due to several factors including a delay in occupying the Jefferson Fellows Center as well as ongoing attention to monitoring expenditures, avoiding waste, and streamlining operational processes. capital expenditures The Foundation’s beautiful Jefferson Fellows Center was completed in March 2010. We executed a phased occupancy by moving into the administration building in late November 2009 while Foundation Hall and the Jefferson Fellows Center construction was still underway. The full cost of the project was financed through a combination of hedged long-term municipal bond financing and medium-term bank loan financing. conclusion Our outlook is much brighter today compared to this time last year. The actions taken by Foundation leadership in response to the endowment losses have borne fruit, and we find ourselves standing in a better financial position. We continue to remain optimistic about the future and our ability to fulfill the mission of the Jefferson Scholars Foundation. Thanks to all who have contributed to our success. 2
the year in review finance committee 2009 -10 The Finance Committee of the Board of Directors advises and guides the Foundation on its financial strategy, scrutinizes procedures and reports, and provides direction on financial planning and fiscal management. TIMOTHY J. INGRASSIA CHAIR Partner and Head of Mergers and Acquisitions of Americas Goldman, Sachs & Company New York, New York G. MOFFETT COCHRAN Chief Executive Officer Silvercrest Asset Management Group LLC New York, New York DOUGLAS S. HOLLADAY JR. Operating Partner Meritage Private Equity Funds Atlanta, Georgia C. MARK PIRRUNG Chief Executive Officer Atlanta Beverage Company Atlanta, Georgia PETER QUICK Former President American Stock Exchange Mill Neck, New York W. REID SANDERS Private Investor Chickasaw Partners Memphis, Tennessee RICHARD C. KELLOGG JR. Chair Basic Management, Inc. Houston, Texas 3
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a n n u a l r e p o r t 2010
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2010 - Jefferson Scholars Foundation

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